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Interim Report: Accelerating Geothermal Adoption in New York:
Of the ~7 million homes in New York state only about 55% enjoy the relatively low costs of natural gas heating (Table 3). The other ~3 million homeowners have had little choice but to experience the high cost of heating their homes with Fuel-Oil, Propane, or Electric Resistance systems (Table 1).
....Review of early information gathered under our NYSERDA funded work indicates that Electric Utilities could increase revenues and improve demand stability by taking another look at Geothermal heat pump systems......
.....In addition, because most of these homes will have traditional A/C the more efficient replacement geothermal system will reduce summer peak demand by nearly 50%.....
......The ~3 million homes currently on non-renewable fossil fuels represent a $4-5 billion per year market opportunity, of which a significant portion, perhaps 75%, currently leaves NY state. In addition replacing fossil fuel heating systems with geothermal technology has the potential to significantly reduce NY state CO2 production totals.
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